Operational inefficiencies are costing your business anywhere from 20 to 30% of your yearly revenue.
Topics: accounts payable
There’s a lot of talk in different business sectors about automation and how it can improve operations. For manufacturing industries, the benefits of automation are apparent. Specialized machinery takes over certain physical labour tasks, such as replacing workers on an assembly line or drivers for truck freight hauling.
You may have heard that the accounts payable section of many businesses is experiencing somewhat of a shake-up. Automation is coming. Specifically, AP invoice automation is integrating into many different companies, adding more technology to the process of handling financial transactions that are coming into and out of a business.
AP automation software continues to make waves and for a good reason. AP automation is streamlining financial activities by taking valuable human staff off of routine processing and letting software handle the drudgery of processing data. But what is AP automation software going to be in the future?
An accounts payable department is essential for a business to run smoothly. But the AP process has never been fast, easy, or fun.
Can you imagine what it would be like if all business correspondences—both internal and external—still took place via snail mail? Not only would your offices be overrun with even more paperwork, but communication and decision-making would also take at least three times as long. It seems silly to even consider that organizations would still be using such an antiquated communication method in a modern workplace when there are far better and more efficient options out there, right?
Invoice automation can be a complicated process given that you'll have to learn how to employ it as well as understand its terminology. Some companies fail to understand the different invoice automation solutions that exist or are satisfied with their current invoice processes as long as they function. Others also don't have the IT staff capable of conducting it. However, the benefits are extraordinary and worth looking into. Your organization can automate each step of the invoicing procedure include invoice scanning, data capture, processing, and payment, helping it grow without the need to add staff. Here's how your company can conquer invoice automation and make it a useful tool.
Many businesses hinge their success (or failure) on the relationships they have with their vendors. It is symbiotic, which can create a “win-win” or a “lose-lose” situation depending on the strength of your foundation. It is also incredibly tough to find reliable vendors - so once you do, you never want to sour the relationship over miscommunications, disorganization or inconsistencies. Quite the opposite. Most companies are looking for ways to improve vendor relationships, and one of the ways they are doing it is by going paperless.
Of all the departments in your company, Accounts Payable it among the top two that stand to gain from an automated system. The vast majority of the tasks that need to be done can be repetitive, which makes them ideal for automation. Whether or not you have had issues with Accounts Payable in the past, there are seven very good reasons to make the switch to automation.
Topics: accounts payable
To push your business' growth, you will inevitably take on accounts payable. Managing these accounts, however, isn’t as simple as paying off a personal credit card. They become an integral part of your business’ operations that require workflows to effectively manage. From your initial purchase order to your final accounting reconciliation, you must closely oversee each step in the accounts payable cycle.